Romanoff and Barton are partners with capital balances of P60,000 and P70,000. Romanoff has a 30% interest in the partnership profits and losses. At this time, the partnership decided to admit Stark and Rogers as new partners. Stark contributes cash of P165,000 for a 30% interest in the profits and losses and a 20% interest in the capital of the fim. Rogers contributes cash of P20,000 and an equipment for a 35% interest in the profits and losses and a 25% interest in the firm's capital. Barton receive a bonus of P38,325 after the admission of Starks and Rogers.

Romanoff and Barton are partners with capital balances of P60,000 and P70,000. Romanoff has a 30% interest in the partnership profits and losses. At this time, the partnership decided to admit Stark and Rogers as new partners. Stark contributes cash of P165,000 for a 30% interest in the profits and losses and a 20% interest in the capital of the fim. Rogers contributes cash of P20,000 and an equipment for a 35% interest in the profits and losses and a 25% interest in the firm's capital. Barton receive a bonus of P38,325 after the admission of Starks and Rogers.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 4CE

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Romanoff and Barton are partners with capital balance of P60,000 and P70,000. Romanoff has a 30% interest in the partnership profits and losses. At this time, the partnership decided to admit Stark and Rogers as new partners. Stark contributes cash of P165,000 for a 30% interest in the profits and losses and a 20% interest in the capital of the firm. Rogers contributes cash of P20,000 and an equipment for a 35% interest in the profits and losses and a 25% interest in the firm’s capital. Barton receive a bons of P38,325 after the admission of Starks and rogers. How much is the equipment contributed by Rogers? Note: Please probide a solution so that I can understand. Thank you so much!
Rome and Bert are partners with capital balances of P60,000 and P70,000. Rome has a 30% interest in the partnership profits and losses. At this time, the partnership decided to admit Star and Robert as new partners. Star contributes cash of P165,000 for a 30% interest in the profits and losses and a 20% interest in the capital of the firm. Robert contributes cash of P20,000 and an equipment for a 35% interest in the profits and losses and a 25% interest in the firm's capital. Bert receives a bonus of P38,325 after the admission of Star and Robert.HOW MUCH IS THE EQUIPMENT CONTRIBUTED BY ROBERT? (show step by step thank you)
Please explain it properly
Kindly answer the two problems. Thank you
Charles and Clement are partners with capital balances of P 24,500 and P 15.500, respectively. The profit and loss agreement is 60% for Charles and 40% for Clement. The partners decided to liquidate the partnership. The firm's liabilities amount to P 36,000, including P 4.000 owing to Charles and P 3,500 owing to Clement on loans. After realization of assets, the cash on hand amounts to P 37,500. How much is the total loss on realization? in the settlement to partners, how much did Charles receive? in the settlement to partners. how much did Clement receive?
F and J are partners with capital balances of P30,000 and P70,000, respectively. F has a 30% interest in profits and losses. All assets of the partnership are at fair market value except equipment with book value of P300,000 and fair market value of P320,000. At this time, the partnership has decided to admit R and L as new partners. R contributes cash of P55,000 for a 20% interest in capital and a 30% interest in profits and losses. L contributes cash of P10,000 and an equipment with a fair market value of P50,000 for a 25% interest in capital and a 35% interest in profits and losses. Linda is also bringing special expertise and clients contact into the new partnership. Using the bonus method, what is the amount of bonus?
Please show the answer with complete solution in good accounting form.
BRAIN and FREEZE have capital balances of P750,00 and P500,000 and share in partnership profits and losses in the ratio of 3:2 each respectively. On November 30, 20x10, the partners admitted HURTS into the partnership by investing P200,000 cash and a machine to be used by the partnership for a 20% interest. After HURT's admission, BRAIN's capital increased by 10%. What is the fair value of the machine invested by HURT in the partnership?
Barrot and Bañaga are partners with capital balances of P400,000 and P260,000 respectively. They share profit andlosses of 60% for Barrot and 40% for Bañaga. Bartolay was admitted in the partnership by investing sufficient amountfor a 1/5 interest based contributions after asset revaluation. If Barrot was given P418,000 capital credit uponadmission of Bartolav. What is the amount of investment made by Bartolay?
PP contributed 24,000 and CC contributed 48,000 to form a partnership and they agreed to shareprofits in the ratio of their original capital contributions. During the first year of operations, theymade a profit of 16,290. PP withdrew 5,050 and CC 8,000. At the start of the following year, theyagreed to admit GG into the partnership. He was to receive a1/4 interest in the capital and profitsupon payment of 30,000 to PP and CC whose capital accounts were reduced by transfers to GG’scapital account of amounts sufficient to bring them back to their original capital ratio. How shouldthe 30,000 paid by Gg be divided between PP and CC? a. PP 9,825; CC 20,175 b. PP 15,000; CC 15,000c. PP 10,000; CC 20,000d. PP 9,300; 20,700
Agustin contributed P78,000 and Biag contributed P156,000 to form nartnership, and they agreed to share profits in the ratio of their original capital contributions. During the first year of operations, they made a profit of P52,942.50; Agustin withdrew P16,412.50 and Biag P26,000. At the start of the following year, they agreed to admit Carlos into the partnership. He was to receive a one-fourth interest in the capital and profits upon payment of P97,500 to Agustin and Biag, whose capital accounts were to be reduced by transfers to Carlos' capital account of amounts sufficient to bring them back to their original capital ratio. How should the P97,500 paid by Carlos be divided between Agustin and Biag. a. Agustin, P31,931.25; Biag, P65,568.75. b. Agustin, P48,750; Biag, P48,750 C. Agustin, P32,500; Biag, P65,000. d. Agustin, P30,225; Biag, P67,275
Eaton and Hunt have partner capital balances of $202,000 and $178,000, respectively. Eaton receives 60% of profits and losses, and Hunt receives 40%. Assume Peterson contributes $95,000 to acquire a 25% interest in the new partnership of Eaton, Hunt, and Peterson. Requirements 1. Calculate Peterson's capital in the new partnership. 2. Journalize the partnership's receipt of cash from Peterson. ..... Requirement 1. Calculate Peterson's capital in the new partnership. Partnership capital before admission of new partner Contribution of new partner Partnership capital after admission of new partner Capital of new partner Bonus to